A sellers’ market in Phase 2: Hooray??

It is no secret that today’s property market favours the seller.

It has always been a buyers’ market for the past years. However, the announcement of new favourable housing grants makes resale flats more affordable to newlyweds. It could also be due to the effect of Phase 2.

Whatever the reason, I would dare say there are more viewings for every unit I have been marketing. But is this the right time for you to sell your matrimonial home?

Here are some factors you should consider before jumping onto the property bandwagon:

1. When the property market is at its high, you will be selling at a high price but you will also be buying at high prices.
2. Your neighbours are also selling at the same time, hence, the competition is high.
3. When buying in haste, you will lose your bargaining power.

So how do you avoid selling or buying on impulse?

1. Reassess your need to move ie. upgrading, retirement planning, near parents, etc.
2. Check your affordability.
3. Be prepared to pay a slight premium on your next house.

At the end of the day, as an HDB owner, you are a homeowner.

HDB flats are mainly for your personal use.

Whether the price is up or down shouldn’t matter much.

What matters are your plans for the future.